 How to stop Debt collectors? |
| For one debt I owe approx 500$, last month I sent in 500$ wich was half my balance. I still have no income, and have told them that. What bothers me is the week after I sent in the 500 they called ... |
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 I am paying off my debts. Now what do I do to build up my credit?? ? |
| I have bad credit. I owed around $1400 in hospital bills. This week is my last week making payments. Starting next week, I will owe no money to anyone. Now what can I do to build up my credit? I ... |
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 Which is the best credit card to get these days? |
| I've started a new job and been told to use my own credit card for expenses. I want to keep it seperate from my own stuff. Where to start looking for the best?... |
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 Credit cards for teens? |
| Are there any credit cards for teens? I've already got a pre paid debit card which I pay for mjyself, but it doesn't help at all with my credit score. I have a steady source of income and ... |
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 Closing a credit card? |
| I have a few credit cards, 7 actually most of them i owe nothing on. they are the store ones, target, victoria secret, american eagle, old navy, kohls, jcpennys, and express. will it hurt my credit ... |
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 I want to get credit, how do i get a card? |
| I want to get a credit card to get credit. Of course every time i use it, im going to send the payment in THAT day so i don't do the opposite and ruin my credit. But im only 24, I don't own ... |
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 Serious!! pls advice? |
| can i be sue in court if i owe people money but i didn't sign any IOU. will i hav a crimminal record or will this affect my credit report??... |
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 Could i get this on ebay with a check? |
http://cgi.ebay.com/NEW-
i dont have my own checks with my name on it but i ... |
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 How do i prepare myself to get my first credit card? |
| i just turned 18 and have no credit and have never applied for a credit card because I was told if i applied for alot of credit cards and got denied it would lower my credit score. So what should i ... |
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 I have a £2K overdraft with Lloyds TSB which they want back by Nov 26th, 2007? |
| Hi, I have had an overdraft with Lloyds TSB for a few years now, totaling £2000. They now want to take it back on the 26th November, 2007. However, financially I am not able to pay it back right now ... |
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 Does any one know how i can get a loan i need to buy this trailer for my kids i need 5,000? |
| a fresh start for my family and I in a new town just what we need but we can't seem to come up with the money right now we can make a payment we just finished paying off his van 4 years of 450 a ... |
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 I got charged $130 for a couple roast beef sandwiches at Arby's, best way to get my money back? |
| I swear I'm really not that fat that my Arby's bill is 3 digits. I did go there (my card isnt stolen) but the charged amount is wrong.I called my credit card company and I have to mail in a ... |
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 Do u own a credit card? |
because at 28, i dont at all.
i still use cash. is that bad?... |
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 Getting a Credit Card under Sons social....? |
| I was wondering if anyone knows if you can get a credit card or any other type of credit under a person child's name and social if the child and one of the parents have the same exact name? Does ... |
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 How do the credit repair companies fix your credit? |
Iv'e heard they send letters but how can I learn aboutit to do this for myself and my friends and family?
only serious answers.... |
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emily1980 | Is being in debt such a bad thing? |
There seems to be a negative label placed on debt. But, I think we are always going to be in debt. Buying a house, buying a car, school loans...Doesn't having debt show that you have credit? That you have something? Some people can not get credit to buy anything - they probably wish they could be in debt. |
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SPIFIMAN1
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Yes it is a catch 22 for sure.
To have most things people want like cars, homes, boats etc. you need credit and you cant build credit without going into debt and showing the ability to pay that debt off.
Once you realize that it's not that hard to build good credit it just takes time and good money management skills. |
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michaelsgdec
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Just like alcohol, there is such a thing as too much debt. What amount is too much depends on what you are buying with your debt, and your capability for paying it back. If your house increases in value, and you can sell it in a few years for double what you paid for it, then that debt can be labeled a "good debt". |
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Sahara
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I don't think anyone wants to be in debt. You are essentially borrowing from the future to pay for today. Some debt is ok such as mortgages and student loans because you will benefit in the long run. But debt like credit cards are not good. They are rather a necessary evil in life today. It is best to do your best to live within your means because you do not know what the future holds for you. You need to be very careful with your spending, learning to distinguish between wants and needs. |
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AnOrdinaryGuy
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Debt is to be avoided, but the prices of houses and of other basic consumer goods (cars, especially) have risen far faster than the average person's income, so it's harder and harder to pay cash up front. Some debt is inevitable, especially with a house, but at least with a house, it's a good investment. With a car, or especially with "luxury" items, the debt is usually much more than the item is ever worth.
Debt has a bad name because too many people are in debt way beyond what they can hope to pay. The average person now has an average credit card debt of almost $10,000! Who can pay that off? And meanwhile, high interest is being added to it every month.
The trick is to limit your debt to what you can afford to pay, but too many people can't seem to do that. |
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anna maria m
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im sorry but my principle in cash is different. having a credit line doesn't mean you have money and you can have everything. being in debt is not bad as having a credit card or cheques. those are different. if you borrow someone a money to buy want you want, you cannot be convicted. but if with credit cards and cheques which you are obliged to sign for you name to assure your payment (which when you cannot pay you will be convited) is the other side of the story.
it is much better to live without debt. all you have to do is to live as simple as you can be. |
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Craig T
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The type and purpose of debt determines whether being in debt is a bad thing. In order to own real estate for rent, I must incur debt to acquire rental properties, in addition I take advantage of 0% no payment offers from card companies to purchase items I would buy anyway and pay the money into a high rate money market for the 6 months then pay the card off in full when the promotion ends
DEBT is not such a bad thing, our USE of debt is what is usually a bad thing. If debt is ruling your life, then it is a bad thing. |
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Christopher Griffin
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You have a good point. I practice purchasing things on my card and paying off when bill comes. I do this so debt doesn't accumulate and eventually consume all of my credit and funds. |
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Ten Years Gone
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From a business standpoint debt can be quite good. A company that financed all of it's endeavors through equity would be considered foolish. A typical balance sheet for an organization should show about a 50/50 split of debt to equity. So no, debt is not that bad. However, individuals with high levels of debt and low or negative net worth are asking for trouble. |
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ctf082
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the reason why they cant get credit is becuz they were in debt b4, exactly where u r now. anyone who has never had a credit card can get one tomorrow. tell the bank u have a job & make 1,250/month n u will have a card with atleast 250 bucks on it at ur doorstep in no time; they don't even check!
debt is becoming a really bad thing. look at the housing market, the new car market, & the job market. inevitably, things will blow up.
what happens if u get divorced? all of a sudden ur income doesn't look so perfect. lose ur job n ur screwed, cuz u will most likely lose ur car, failing to pay ur note on-time. graduate with a degree, congrats! but now ur unable to get a job in ur field thanks to stale hiring, so ur stuck working at wal-mart or dennys. reality sucks. funny thing is, these are futuristic events. may work out, but mite not. ur banking on that?
every second a new store is built (in areas with a low population), a housing development sprouts (100s of thousands but not worth the same next year), & a new model car hits the streets (6x what a used vehicle costs only a few years earlier), yet the world is becoming increasingly illiterate. how will we ever comprehend the complex contracts we're signing and the impact it will have while trying to pay it back?
so if we think we will always be able to back this crap, we r dreamin real hard.
money in the bank! that way, they owe u! |
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Firstd1mension
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Depends on the type of debt. Mortgages and car financing plans aren't really the bad kind of debt, because you have equity; that is, it's almost a sort of investment. You can sell your car or home and get that money back, and housing and transportation are needs that have to be met anyways. The person who's a year into a mortgage is better off than the one who's renting an apartment for $1k a month because you can earn the mortgage back, but the rent is gone forever.
Student loans are also an investment, assuming you put your degree to good use. Not to mention, the interest rates are usually low and are tax-deductible.
The bad kind of debt is credit card debt. There are exceptions... when I was in college, I got a credit card with an introductory 3.99%APR, and I used it to buy $2k worth of music equipment, which I turned around and sold off for $2.8k, which I used to buy more equipment with and sold off for about $4k... then I paid off my credit card and had $2k left over. That was a wise use of credit! It's the person who puts their groceries and vacations and gidgets and gadgets on credit with no real plan for paying it down, and then they get a huge balance. Eventually the minimum payments get so large that you really never stand a chance of paying it off because all of your money is going into bills, which means you start using your credit card even more! A lot of people spend a lifetime paying minimum payments that add up to many times the principal itself, and tons of people are in major default and will never have good credit for the rest of their lives as a result. THAT is bad debt!
So you are correct in the sense that ALL debt is not bad. Just so long as you know the difference... |
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Mark S
 |
There is good debt and bad debt.
If you purchase something and rent it out, as long as it is bringing you money it would be considered good debt. So, if you bought a house and rented it, as long as you received money over mortgage, taxes and fees, then that would be good debt. If you used a credit card to purchase stocks, as long as money was made over cost and interest due on the credit cards, that would be good debt.
If you take a loan, mortgage or use credit cards and all you do is pay money each month and you get NO money coming back into your account,THAT is bad debt.
Good debt puts money in your pocket; Bad debt takes money from your pocket.
Sometimes we do have to use bad debt. If you get in this situation, pay that debt off first. |
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Alterfemego
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It's a good question! We have always said that it's the "American" way to be in debt. But while debt in and of it'self isn't a bad thing, it can be if you don't manage that debt properly. |
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wow
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Debt is a bad thing if it's not an asset for you. High interest rates are always a bad thing, though. High credit card debt on clothes, food, small stuff, etc. are terrible. If you buy something that increases in value (not a car) like some artwork that you plan on selling at a later time at a reasonable interest rate then it's good debt. A student loan at a reasonable int. rate is good debt if you actually used it for professional advancement or it can be bad debt if you still work at McDonalds. If you buy a house when prices are low with a large downpayment and a low fixed rate then it's good debt. Otherwise, you may be screwed. Cars are always bad debt unless you're talking classic cars over $100K. I always buy cars with cash even if it's not super fancy. Interest rates are always the enemy unless it petains to housing, some stud. loans, and any other asset that will more than likely be sold later for more money. |
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vangorn2000
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Well, there is "good debt" and there is "bad debt." Debt is "good" if you go into it as an investment in your future or well-being. All of the ones you've cited can be considered "good debt," because they all are investments that will ultimately make you more money in the long run, or things you absolutely need in order to do so (transportation to get to work, and a place to live, and of course, education = higher paying job).
"Bad debt" is of course things you don't need, like eating out, vacations, luxury items and such.
But even "good debt" has its limits. It won't do you any good, for instance, to go $50,000 into debt to get a chemistry degree if you plan on being a lawyer. And even if you get those school loans to study the profession you want, it may still take years to pay off. Plus, you have to be careful not to buy more car or house than you can really afford or need...so many people do, and the recent credit crunch has proven that. |
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takeashot30
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Theres a difference between good debt and bad debt. Credit card debt is very bad debt. Mortgages to own your own home and school loans to advance your career are good because it should help you out in the long run. |
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